TAXABLE BOND FUNDS
Government
Investment Grade
Fund For Income
High Yield
Supplement dated November 12, 1999 to the
Prospectus dated February 19, 1999
The Prospectus is amended by adding the following to the end of the section
captioned "Fund Management" on page 25 thereof:
The Board of Directors of the First Investors High Yield Fund, Inc. ("High
Yield Fund") and the First Investors Fund For Income, Inc. ("Fund For
Income") has approved a plan to merge High Yield Fund into Fund For Income
in a tax free reorganization.
The Board determined that the reorganization would be in the best interests
of shareholders because, among other things: the funds are extremely
similar and combining them may reduce expenses for shareholders; each fund
invests its assets primarily in "high yield" bonds; each fund is managed by
the same investment adviser, has the same investment objective, and follows
similar investment styles in selecting high yield bonds and other
investments; and following the reorganization, the portfolio manager of
Fund For Income will manage the combined fund.
Under the plan, all of High Yield Fund's assets will be transferred to Fund
For Income in return for Fund For Income shares having an equal value.
These shares will be distributed pro rata to High Yield Fund shareholders
who will receive shares of Fund For Income in exchange for their High Yield
Fund shares. The total value of the Fund For Income shares received by each
High Yield Fund shareholder will be equal to the total value of High Yield
Fund shares held prior to the reorganization. High Yield Fund will then be
dissolved.
The reorganization is subject to a number of conditions, including approval
of the High Yield Fund shareholders and exemptive relief from the
Securities and Exchange Commission. A meeting of the shareholders of High
Yield Fund is expected to be held on or about February 25, 2000, to vote on
the reorganization. Details about the proposed reorganization will be
contained in a proxy statement and other soliciting materials which will be
mailed to High Yield Fund shareholders of record on the record date.
Due to the shareholder vote and other conditions, the reorganization will
not take place until the end of February, 2000 at the earliest. Effective
January 1, 2000, the High Yield Fund will be closed to new investors.
Existing High Yield Fund shareholders will be permitted to continue making
additional investments in the fund from January 1, 2000 until the merger
occurs. There can, of course, be no assurance that the reorganization will
be approved by shareholders or that the other conditions of the
reorganization will be satisfied.
